Mitt Romney’s tax reform proposal offers to reduce everyone’s tax rates by 20%, paying for it by reducing unspecified “tax expenditures”. The Tax Policy Center declared that the plan "would provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers." Other economists and commentators piled on. Paul Krugman, for instance, says "Romney is scamming voters, claiming not only that he can make up the lost revenue by closing unspecified loopholes, but that he can do so in a way that doesn’t shift the tax burden away from the rich onto the middle class. He can’t, as a matter of sheer arithmetic — which is the point of that Tax Policy Center study.”
On tax reform we’ve reached accord
I’ll cut tax rates across the board
And so we don’t lose revenue
I’ll cut away some loopholes too.
Which ones are those? You’ll have to guess -
I’m not quite sure, I must confess.
It works out well for guys like me
Our tax declines substantially.
I’m sorry, but the rest of you
Will pay more than you used to do.